Tracxn Tech's Retail Book Fully Subscribed on Day 1

Tracxn Technologies, the leading global market intelligence providers for private company data has received bids of 49,56,520 shares against the offered 2,12,69,714 equity shares, at a price band of ₹75-80, according to the data available on the stock exchanges. Overall the issue was subscribed 0.23 times on the first day of bidding.

The Retail Portion saw a positive response and was subscribed 1.23 times. The reserved portion for qualified institutional buyer portion didn't see any bids and non-institutional segment saw a response of 0.04 times. The issue kicked off for subscription on Monday, October 10, and will close on Wednesday, October 12, 2022.

The company has already raised Rs 139 crore from anchor investors includes FPIs and DIIs i.e India Acorn, BNP Paribas Arbitrage- ODI, Kotak MF, Nippon MF, ICICI Prudential MF besides others.

The offer is an Offer for Sale aggregating to 38,672,208 equity shares by the company's promoters and existing shareholders. Sachin Bansal and Binny Bansal are exiting fully, while Elevation Capital and the NRJN Family Trust, Rathnagirish Mathrubootham and other marquee shareholders are selling a part of their stake.

On the Brokerage feedback, Arihant Capital and Hem Securities have recommended the issue a "Subscribe" rating giving reasons that it has cost arbitrage advantages, a high operating leverage and have developed a strong and scalable tech platform. Also mentioned the company has achieved breakeven in the first quarter of FY23. The customer accounts have grown at a 3 year CAGR of 30.42%- all due to increased visibility, trust and comprehensive data available across sectors and geographies.

IIFL Securities Limited is the sole book running lead manager and Link Intime India Private Limited is the registrar to the issue. The equity shares are proposed to be listed on BSE and NSE.

Source : Equity Bulls

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TracxnTechnologies IPO FundRaising Subscription